The North America corporate assessment services market accounted for US$ 482.1 Mn in 2018 and is expected to grow at a CAGR of 4.9% over the forecast period 2019-2027, to account for US$ 731.6 Mn 2027.
The modern assessment tools used for corporate assessment services would continue to produce innovative changes in assessment methods and practices. The ability to target candidates from available information sources could lead to transformational changes in the hiring procedures. The technology has also given growth to more available data on individuals and new tools that allow businesses to mine the data for competitive advantage. Social media and other data collected through technology are used for predictive analytics and assessment of candidates to optimize business performance. Therefore, the countries of North America focus towards assessing the candidate in terms of several parameters and technological advancements are the key factors that are anticipated to drive the growth of the corporate assessment market.
In North America region, US is the leading country which dominates the corporate assessment services market; and Canada is expected to be the fastest growing country in North America. The growth in the corporate assessment services market in the US is primarily driven by factors such as increasing digitization and implementing various corporate assessment-related tools. The US uses several corporate tests such as aptitude tests, psychometric tests, and other tools to effectively and swiftly place recruits into a role that matched their capabilities. It also uses corporate assessment tools to screen and train the candidates. Thus, companies in the US spent dollars on corporate assessment tools to attract, select, promote, train, and develop their employees. Hence, the above factors are expected to drive the corporate assessment services market in the region during the forecast period.
The corporate assessment services market on the basis of hiring level is segmented into executive, entry level, professional, and others. During the forecast period of 2019 to 2027, the professional is anticipated to be the largest contributor in the corporate assessment services market and is projected to be the fastest growing segment with the highest CAGR over the forecast period.
The overall corporate assessment services market size has been derived using both primary and secondary source. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the corporate assessment services market. It also provides an overview and forecast for the corporate assessment services market based on all the segmentation provided with respect to the North America region. Also, primary interviews were conducted with industry participants and commentators to validate data and analysis.
The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the corporate assessment services market. Some of the players present in corporate assessment services market are AON PLC, Arctic Shores Limited, Aspiring Minds, Birkman International, Inc., Development Dimensions International, Inc., HireVue, Korn Ferry, IBM Corporation, Mettl Online Assessment, and SHL among others.